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What amount of gain on the disposal should be recorded

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Reference no: EM132869096

Poe Company disclosed that the following depreciation policy on machinery:

  1. A Full year depreciation is taken in the year of acquisition.
  2. No depreciation is taken in the year of disposition.
  3. The estimated useful life is five years.
  4. The straight line method is used.

On June 30, 2020 the entity sold for P2,300,000 a machine acquiredin 2017 for P4,200,000.

The residual value was P600,000.

Question 1: What amount of gain on the disposal should be recorded in 2020?

Reference no: EM132869096

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